Sulfuric acid prices rose sharply through the first half of 2026 before retreating from their mid-year peak as supply conditions loosened. Weak downstream demand has contributed to the easing, though the commodity remains a critical revenue buffer for copper smelters facing squeezed processing margins. The price trajectory reflects the interplay between by-product supply dynamics and broader industrial demand.
China's 98% smelting sulfuric acid price eased over the week as spot trading weakened and recovering supply added pressure. Elevated sulfur and metal ore costs provided partial support, but the market faces further downside as lower-priced regional supplies increase competitive pressure.
Asia
Asian NPK fertilizer markets entered Q2 on a firm footing as elevated nitrogen and phosphate costs increased compound-fertilizer production expenses. China saw relatively stable conditions during April before supply became more comfortable in May, reducing producers’ pricing power. Domestic availability increasingly exceeded immediate purchasing requirements as distributors and farmers limited restocking after the main seasonal procurement period. India faced greater cost pressure because of its dependence on imported fertilizer nutrients. Government support for the summer crop season increased 11.6% year on year, helping shield farmers from the sharp increase in international nutrient costs. An April tender also secured around 2.5 million MT of urea, highlighting the scale of import requirements. These higher replacement costs supported NPK production economics, although improving supply prevented an uncontrolled rise.
Europe
European NPK conditions remained firm through Q2 as manufacturers faced elevated nitrogen, phosphate, sulfur and energy costs. Middle East supply disruptions tightened international nutrient availability early in the quarter, increasing replacement costs for European compound-fertilizer producers. Phosphate-related manufacturing was particularly exposed to higher sulfur costs, while imported ammonia and nitrogen products remained vulnerable to freight and geopolitical disruptions. Agricultural demand remained seasonally active as farmers secured fertilizer for spring and summer applications, but purchasing became more selective as the quarter progressed. Adequate availability from European and neighboring suppliers prevented a severe shortage, yet elevated input costs kept the market supported through June.
North America
North American NPK markets also remained firm during much of Q2 as imported nutrient supply tightened and domestic replacement costs increased. U.S. crop-nutrient imports fell roughly 44% year on year in May as shipments from Middle Eastern ports affected by Strait of Hormuz disruption dropped. This reduced immediate availability and kept phosphate and potash replacement costs elevated. Nitrogen pressure eased toward June as urea availability improved, but the broader nutrient basket remained expensive. Seasonal agricultural demand supported fertilizer movement, although distributors remained careful about rebuilding inventories at elevated costs.
Analyst Insight
According to Procurement Resource, NPK fertilizer conditions are expected to remain broadly firm, with phosphate and potash costs providing support while improving nitrogen availability may gradually reduce upward pressure.
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Asia
In Asia, NPK fertilizer markets strengthened considerably during Q1’26 as supply disruptions, export restrictions, and strong agricultural demand tightened regional availability. China accelerated fertilizer reserve releases at least 15 days earlier than usual to stabilize domestic supply during spring planting after shortages emerged across key agricultural provinces. Despite China’s urea production being projected at a record 76.5 million tons in 2026, export controls and logistics disruptions continued limiting regional supply flexibility. India remained highly exposed to Middle Eastern fertilizer flows because of its dependence on imported nutrients during peak agricultural procurement season. Rising freight, marine insurance, and sulfur costs linked to the Strait of Hormuz disruption further increased import expenses across Asian fertilizer markets.
Europe
European NPK fertilizer markets witnessed strong upward pressure during Q1’26 because elevated natural gas costs, constrained ammonia availability, and higher shipping expenses significantly increased production and import costs. Several ammonia cargo vessels remained stranded west of the Strait of Hormuz even after temporary reopening announcements, highlighting persistent logistical instability across fertilizer supply chains. Buyers across Europe focused primarily on securing essential nutrient volumes for spring planting amid tightening inventories and elevated procurement uncertainty.
North America
North American NPK fertilizer markets also strengthened sharply during Q1’26 as tightening import availability and rising nutrient costs pressured agricultural procurement activity. Fertilizer supplies available to US farmers were estimated to be nearly 25% below normal seasonal levels during spring planting, while nitrogen fertilizer prices increased around 40% since the beginning of the conflict. Higher freight expenses, reduced global nutrient availability, and uncertainty surrounding Middle Eastern supply routes further supported bullish market sentiment throughout the quarter.
NPK Fertiliser is one unique product which has got the most crucial nutrients that plants need at numerous phases of growth. This grade is suitable for all crops as it supports root development. It is composed of potash, nitrogen and phosphorous in a single product in good measure.
Farming , Agriculture, Nursery, Gardens, Parks
Eurochem Group, Agrium Inc., Yara International ASA, Acron Group, ICL (Israel Chemical Ltd.)
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
The production process of NPK includes acidifying phosphate rock along with nitric acid to prepare a mixture of phosphoric acid and calcium nitrate.
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This report presents a detailed cost analysis of NPK fertiliser production from rock phosphate, ammonia, phosphoric acid, and nitric acid using the nitrophosphate process, also known as the Odda process.
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